Kuwaiti Vehicles Market in 2017 lost for the third year in a string suffering for low oil production and politically instability. The lost of 7.8% was marginally mitigated by year-end rush, before VAT introduction. Toyota is market leader ahead of Mitsubishi and Nissan.
Kuwait’s economy, which has suffered from weaker oil production this year, faces political instability as the year draws to a close. Economy remains in a fragile state, and the weak fiscal position will not be improved by the recent announcement that VAT will be implemented significantly behind schedule due to a lack of technical and logistical preparedness. Growth remains hampered by recently extended OPEC production cuts, although encouragingly the non-oil sector is in better shape; non-oil exports rose sharply year-on-year in Q3. The trade balance also improved in the quarter.
Kuwait vehicles market hit the all-time record in the 2014 with 162.719 sales ending a long positive path. Then, the sudden economic crisis generated by the fall of oil price hit the sector with sales declined for three consecutive years. according to data reported by the Kuwaiti Authority for Transportation in the 2017 light vehicles sales have been 106.913, down 7.8% from the previous year.
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Brand-wise, the leader Toyota has lost 22.4% of volume while Mitsubishi advanced in second growing 19.9%, overtaking Nissan (-15.6%).
Research, Consulting, Data & Forecast
F2M covers intensively this market with several products developed to help any investigation required. Market Researches in PDF are immediately available for download with study on the market since 2005 and with forecast up to the 2022. AutoData in EXCEL are immediately downloadable with annual sales volume, split by month, for all brands and all models distributed in the market. This year data are released year to date, but you will receive a monthly update until the year-end. See details within Kuwait Store.